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Dec 31, 2024
Elme Communities Q4 2024 Earnings Report
Elme Communities reported its financial and operating results for the fourth quarter of 2024, showing an increase in same-store multifamily NOI and average effective monthly rent per home.
Key Takeaways
Elme Communities reported a net loss of $3.0 million and Core FFO of $20.7 million for Q4 2024. The company saw an increase in same-store multifamily NOI by 1.7% and average effective monthly rent per home by 1.9%. The Board of Trustees has initiated a formal evaluation of strategic alternatives to maximize shareholder value.
Net loss for Q4 2024 was $3.0 million, or $0.03 per diluted share.
Core FFO for Q4 2024 was $20.7 million, or $0.24 per diluted share.
Same-store multifamily NOI increased by 1.7% compared to the prior year quarter.
The Board of Trustees has initiated a formal evaluation of strategic alternatives to maximize shareholder value.
Revenue by Segment
Forward Guidance
Elme Communities expects Core FFO for 2025 to range from $0.91 to $0.97 per fully diluted share, driven by strong demand trends and improving credit dynamics.
Positive Outlook
- Strong demand trends in Washington Metro portfolio.
- Business interruption insurance proceeds drove higher-than-expected same-store multifamily revenue growth.
- Solid year of growth driven by strong demand for value-oriented rental options.
- Favorable supply/demand dynamics in the Washington Metro region.
- Improving credit trends in Atlanta and continued growth in fee income from operating initiatives.
Challenges Ahead
- Higher taxes due to the timing of potential tax appeals, which will now be recognized as a benefit in 2025.
- Guidance does not consider any potential future acquisitions or dispositions in 2025.
- Economic factors such as inflation and interest rate changes are outside the Company's control.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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